Presentation on theme: "Page 2 Offering mortgage benefits and support to the military Veterans, military servicemembers and members of the Guard and Reserve can save $495 on."— Presentation transcript:
Page 2 Offering mortgage benefits and support to the military Veterans, military servicemembers and members of the Guard and Reserve can save $495 on closing costs Eligible borrowers can: Apply for Veterans Administration (VA) loans that may offer no down payment and no monthly mortgage insurance (MI) Take advantage of servicing benefits that go beyond SCRA protection Chase is committed to: Employing veterans Helping military families and veterans own homes and providing support to help keep them in their homes Providing training and educational resources to help veterans transition from the military and have successful careers Offering financial solutions that meet the banking needs of military servicemembers and veterans Chase Military Mortgage Program
Page 3 Helping buyers find a home that fits their budget Eligibility 1.Applicant is determined to be a Low-to-Moderate Income Borrower (LMIB) Applicant(s) are determined to be LMIB when the total qualifying income is equal to or less than 80% of the Area Median Income (AMI) for the location of the property being purchased as defined by Chase AND/OR 2.The subject property is located in a Low-to-Moderate Census Tract (LMIT) A property that is located within a “low” or “moderate” income census tract (LMIT) in an eligible CRA Assessment area as defined by Chase Requirements Property – Owner Occupied within select JPMorgan Chase CRA markets Transaction Type – Purchase transaction ONLY Applicant Eligibility – Application must be determined LMIB OR the property must be located within LMIT Maximum Subsidy Eligible – up to $1,500 Financial Assistance Program
Page 4 Rewarding homeowners with a mortgage that pays them back Through the 1% Mortgage Cash Back Program, homeowners can get cash back rewards and earn up to $500 annually for the life of the program To qualify, the buyer must have their new mortgage payment automatically deducted from their Chase personal checking account The cash reward can then be placed in their checking account or applied to the mortgage principal* Mortgage Cash Back Program
Page 6 Our Service Promise: A single point of contact for Realtors! A dedicated Mortgage Banker who is accessible and responsive Someone who understands their business and works the way they do
Page 7 Additional Benefits for our Priority Partners: Access to timely education and insights Monthly eNewsletters Real Estate Connections events and webinars Uncover shared opportunities Partner links on Mortgage Banker website Short Sale Referral Program Bank branch traffic Partnership opportunities Homebuyer Seminars Attend closings and open houses
Page 8 SHORT SALE & CHASE LIST ASSIST Bill Carr National Distressed Properties Manager
Page 9 Trying to Avoid Foreclosure Chase has substantial safeguards in place designed to ensure that foreclosures are both a last resort and instituted only in appropriate cases. 24 Months Nationally Based on current month data, average number of months an account is past due when foreclosure sale occurs.
Page 10 Chase Short Sale Program
Page 11 Chase’s Proactive Short Sale Program Short Sale Accelerator Program – offers substantial cash incentives and deficiency waivers (portfolio specific) to list and sell property
Page 12 Chase’s Proactive Short Sale Program Preapproved Offer Acceptance – provides a preapproved offer amount to customers and their real estate agent that Chase agrees to accept Deed-in-Lieu Incentives – provided clear and marketable title available, Chase may pay incentive and “take the property back”
Page 13 Chase’s Proactive Short Sale Program EQUATOR ROLLS OUT OCTOBER 5, 2012 Announcement will be sent on October 1 to all real estate agents enrolled in Equator Full capability for customers and real estate agents to upload: Third party authorizations Listing agreements and agreements of sale HUD-1 settlement statements Financial documentation Obtain transaction status updates and communicate directly with negotiators through the portal, minimizing phone traffic and outside
Page 14 Short Sale – Financing and Timing Cash transactions close quickly Continual issues with the buyers’ ability to secure financing Once short sale approved, takes up to 90 days to close since most buyers only obtain prequalification If financing fails, the account remains in short sale inventory as long as it is listed, awaiting next offer. Proper prequalification of your buyer is critical!
Page 15 What Can You Do to Help With a Short Sale? USE EQUATOR STARTING OCTOBER 5, 2012! Set reasonable expectations regarding timelines and valuations. Know your seller. Properly prequalify your buyer! Submit complete short sale request prior to receiving a contract or at time of listing - do not wait for a buyer! Start the process! Return required documents promptly (within 3 days of request). Ensure proposed transaction is “at arm’s length” and there is no potential conflict of interest.
Page 16 Chase Short Sale Resources Short Sale Hotline: chase.com/foreclosure alternatives or chase.com/hafa Chase Homeownership Centers: ● Locate Chase Homeownership Centers at chase.com/MyHome
Page 17 For real estate and lending professionals only and not for distribution to consumers. This document is not an advertisement for consumer credit as defined in 12 CFR (a)(2). Union Plus® is a registered trademark of Union Privilege. This program is only available to bona fide members of participating unions, their parents and children. Eligibility for mortgage assistance begins one year after closing on a Union Plus Mortgage through Chase. For information regarding mortgage assistance, visit or contact Union Privilege directly. Borrowers must identify themselves as veterans or members of the U.S. military. Documentation of service may be required to receive Chase Military Mortgage Program benefits. Restrictions and limitations apply. Low-to-Moderate Income (LMI) Subsidy is available on purchases only. Not available in all areas. Contact a Chase Mortgage Banker for details, and to determine eligibility. For down payments less than 20%, on conventional loans, mortgage insurance (MI) may be required and MI charges may apply. For the Adjustable-Rate Mortgage (ARM) product, interest is fixed for a set period of time, and adjusts periodically thereafter. At the end of the fixed-rate period, the interest and payments may increase. The APR may increase after the loan consummation.